Pre-revenue OperationsThe company remains pre-revenue and continues to report annual net losses, showing it has not yet demonstrated an ability to convert development progress into commercial sales. This structural lack of revenue prolongs reliance on external capital and keeps return metrics negative until production commences.
Persistent Negative Cash FlowSustained negative operating and free cash flow indicates ongoing cash burn from development activity. Even with an improved FCF in 2025, persistent outflows mean the company cannot self-fund construction or early operations, elevating execution and financing risks over the medium term.
Dependence On External FundingNegative returns on equity and explicit dependence on outside financing mean the firm must access capital markets or partners to reach production. This dependence increases dilution and execution risk, and makes project timelines vulnerable to funding availability and broader market conditions.